Peyton ManningMove Over, Tim TebowI'm Officially a Bronco!!!

3/20/2012 12:20 PM PDT BY TMZ STAFF

Peyton Manning is officially a Denver Bronco -- which means Tim Tebow's out of a job.

Broncos owner Pat Bowlen just made the announcement alongside Broncos legend John Elway -- a deal worth a reported $96 million over 5 years, making Peyton the highest paid player in the NFL.

John Elway made it clear during the announcement ... the Broncos are NOT a Super Bowl caliber team with Tim Tebow.

Peyton -- who will wear #18 on the team -- said he's unsure about Tim Tebow's future ... but claimed, if Tebow stays with the Broncos next year, "I'm going to be the best teammate I can be."

Elway said a Tebow trade hasn't been discussed with other teams yet -- but admitted it's very possible the Broncos will get rid of him. Elway speculated Tebow was "disappointed" by the announcement -- but Tebow never said it to him. According to Elway, Tebow was very understanding about the Broncos' decision.

The #18 is significant in Broncos history -- it once belonged to famed Broncos QB Frank Tripucka in the 1960s ... and retired with him. Peyton said Frank personally asked Peyton to resurrect his number, so the Broncs UN-RETIRED it just for PM.

Now that the acquisition's official -- the Broncos will be trying to trade Tebow ... though it's unclear where the 24-year-old will be headed.

Several teams have reportedly been in discussions about snagging Tebow -- who led the Broncos on a tumultuous ride through the playoffs last season -- including the Jacksonville Jaguars, Green Bay Packers, Miami Dolphins, and New York Jets.